Greek deposits drop in January after three-month rise

Greek private sector bank deposits decreased by 1.26 percent in January, halting a three-month rise, central bank data showed on Tuesday.

Business and household deposits fell to 124.76 billion euros from 126.35 billion in December.

Greek banks have seen small deposit inflows over the space of more than two years after the country clinched a third bailout to stay in the eurozone in July 2015.

While they remain dependent on central bank borrowing to plug their funding gaps, banks have significantly reduced their exposure.

“In January, deposits of the private sector decreased by 1,4 billion euros, compared with an increase of 2,54 billion in the previous month, while the annual growth rate stood at 4.9 percent from 4.7 percent in the previous month,” the Bank of Greece said.

Source: ekathimerini.com